Car theft is reported to be a national, $1 billion business supplying clients, unscrupulous dealers and chop shops with cars and auto parts. Last Year Canadian car insurers paid out an estimated $542 million in theft-related auto insurance claims, according to figures published by Insurance Bureau of Canada (IBC).
Here is a list of the top 10 stolen vehicles from 2021:
While the Honda CR-V was Canada’s most stolen vehicle (with 4,117 thefts), the Lexus RX series had a higher theft percentage (6.4%) rate. All high-end vehicles, regardless of manufacturer, are targets, including pick-up trucks, SUVs, and luxury cars.
Bypassing keyless entry is among several of the top auto theft trends noted in 2022, thieves continue to exploit technology through relay attacks and connecting to the on-board diagnostic port, which enables them to reprogram key fobs. Consider storing fobs in a protective box or bag that blocks the signal.
Ensure you are protected in the event your vehicle gets stolen. Contact your broker at OTC Insurance to go over your policy or make any changes.